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Peer Review Training – National Science Foundation February 7, 2012

Peer Review Training – National Science Foundation February 7, 2012. Appendix F – Checklist for Review of Monitoring Performed over Contracted Audits and Attestation Engagements by Non-Federal Auditors. Kieu Rubb, Treasury OIG rubbk@oig.treas.gov 202-927-5904. What I’ll Talk About Today.

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Peer Review Training – National Science Foundation February 7, 2012

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  1. Peer Review Training – National Science Foundation February 7, 2012 • Appendix F – Checklist for Review of Monitoring Performed over Contracted Audits and Attestation Engagements by Non-Federal Auditors Kieu Rubb, Treasury OIG rubbk@oig.treas.gov 202-927-5904

  2. What I’ll Talk About Today • Things to Remember • Contracting Process • Audit Report and Transmittal • Conclusions • Questions

  3. Things to Remember • OIG is not the principal auditor • OIG transmits IPA’s report • IPA monitoring is not an Audit • TeamMate for documentation • May also use IPAs for attest or performance audits • Staffing – experienced auditors/COTR

  4. Contracting Process • IPAs - licensed CPAs or working for licensed CPAs • Process differs • new contract/task order • existing contract

  5. New Contract/Task Order • Did the OIG review the IPA’s • Qualifications and experience • Technical approach, GAGAS, regulatory/statutory • Independence • Internal QA system • Last peer review and related separate communication of matters/findings/deficiency • PCAOB monitoring/inspection reports • Proposed milestones and deliverables

  6. Existing Contract • Did the OIG update assessment of IPA’s: • Qualifications/experience (and key personnel in contract) • Independence • Internal QA system • Last peer review and related separate communication of matters/findings/deficiency • PCAOB monitoring and/or inspection reports

  7. Audit Report • OIG association to and responsibility for the audit report • Source – SOW and OIG report transmittal • Auditor documented planned level of review for level of reliance on IPA’s work • Level of review appropriate

  8. Monitoring IPA Work Quality • Did the OIG • Hold/attend periodic meetings • Review and comment on deliverables/reports • Review whether audit objectives consistent with contract and proposal • Monitor and revise milestones as needed • Conduct site visits as needed • Monitor other significant issues/results • Review adequacy of IPA audit documentation

  9. Monitoring IPA Work Quality • Was level of assurance adequate and/or reasonable with recommended guidance from FAM 650 for financial statement audits?

  10. Monitoring Complete • Did the OIG: • Review IPA report for GAGAS compliance? • Ensure the OIG report transmittal memo consistent the level of OIG assumed assurance/responsibility? • Review IPA audit documentation for GAGAS compliance?

  11. Question For questions or comments on the guide or peer reviews, contact APRG@oig.treas.gov Kieu Rubb, Treasury OIG, rubbk@oig.treas.gov, 202-927-5904

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